In medium skillet heat butter and oil; cook onion, garlic and mushrooms 5 minutes or until onions are translucent.
Add rice; cook 1 to 2 minutes or until partly translucent.
Stir in saffron, if desired.
Add 1/2 cup hot broth and Tabasco® sauce; stir constantly until rice absorbs broth.
Add remaining broth and hot water, 1/2 cup at a time; stir constantly from bottom and sides of pan and wait until rice just begins to dry out before adding more liquid.
Cook and stir until rice is tender but firm to the bite, and is the consistency of creamy rice pudding.
Total cooking time is about 30 minutes.
Stir in artichokes and roasted peppers.